BlackRock CEO Larry Fink isasking leaders of the world's biggest companies to say how they'llspend extra cash from the U.S. tax overhaul.
“What will you do with increasedafter-tax cash flow, and how will you use it to create long-termvalue?” Fink said in his annual letter to CEOs, posted on the assetmanagement company's website Tuesday. Companies have aresponsibility to explain to shareholders how “major legislativeand regulatory changes” will impact their long-term growthstrategies, Fink said.
Companies including BlackRockare expected to benefit from changes in the U.S. tax plan. Theworld's largest asset manager will see its effective tax rate fallto 23% from about 31%. BlackRock plans to use money from the taxbreak potentially for share buybacks and to pay out dividends, ittold shareholders on a Jan. 12 earnings call.
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